摘要
以2008—2021年沪深A股上市家族企业为研究对象,深入探究国有股权参股对家族企业风险承担水平的影响。研究发现,国有股权参股能显著提高家族企业风险承担水平;机制分析表明,国有股权参股降低了家族社会情感财富损失,进而提升了企业的风险承担水平。进一步研究发现,当行业竞争程度较高、地区金融发展水平较低以及家族企业属于非高新技术企业时,国有股权参股对企业风险承担水平的提升效果更显著;经济后果分析表明,国有股权参股能提高家族企业风险承担水平,进而提升企业绩效。研究结论为深入推进混合所有制改革以及促进家族企业发展提供了一定的政策启示。鉴于此,建议政府鼓励国有股权参股家族企业,以实现两者协同发展,互利共赢;同时,国有股权除了“股权参与”外,更要“管理参与”,真正地投入到家族企业的经营决策当中;此外,如果行业竞争程度较高、地区金融发展水平较低以及家族企业属于非高新技术企业,则家族企业应积极引入国有股权,以提高自身承受风险的能力。
This study takes the A-share listed family firms in Shanghai and Shenzhen from 2008 to 2021 as the research object,and deeply explores the influence of state-owned equity participation on the level of risk taking of family firms.It is found that state-owned equity participation can significantly improve the level of risk-taking of family firms.Mechanism analysis shows that state-owned equity participation reduces the loss of family Socio-emotional Wealth,and then enhance the level of risk-taking of family firms.The specific performance is as follows:On the one hand,state-owned equity participation can disperse family equity to a certain extent,help family firms share risks in venture capital,reduce the wealth locking effect of the controlling family,and thus reduce the loss of family Socio-emotional Wealth.At this time,the controlling family feels that its Socio-emotional Wealth can be guaranteed,and the state-owned equity has the demand for investment returns.May engage in more venture capital activities,thereby increasing the level of corporate risk taking;On the other hand,state-owned equity participation can change the decision-making style of family firms to a certain extent,weaken the influence of the family by appointing senior executives or board members,and reduce the influence of altruism on risk decision-making.In addition,state-owned equity comes from different industries or holds shares of multiple companies,and its information sources are wide,providing information resources for firms.It can reduce the risk of decision making,thus reducing the loss of family Socio-emotional Wealth.When the controlling family perceives that its own level of Socio-emotional Wealth can be maintained,and the state-owned equity can provide resources to it,its motivation to engage in venture capital may be enhanced,thus increasing the level of risk-taking of family firms.Further research finds that fierce industry competition often means that the investment risks of family firms increase,which is likely to cause serious d
作者
苏春
余鹏
徐博韬
SU Chun;YU Peng;XU Botao(Accounting School,Chongqing University of Technology,Chongqing 400054,China)
出处
《重庆理工大学学报（社会科学）》
2024年第11期104-126,共23页
Journal of Chongqing University of Technology（Social Science）
基金
重庆市社会科学规划博士和培育项目“代际传承视角下优化家族企业投资结构的治理机制研究”(2021BS063)
重庆市教委人文社会科学重大项目“‘思政导航+技术赋能’财经人才培养全链条融合模式研究”(22SKGH297)
重庆市研究生科研创新项目“国有股东入股家族企业的动机及治理效应研究”(CYS23714)。
关键词
家族企业
国有股权参股
风险承担
社会情感财富
family firms
state-owned equity participation
risk-taking
socio-emotional wealth
